OFG Bancorp (NYSE:OFG) Hits New 1-Year High - Still a Buy?

Key Points

• OFG Bancorp reached a new 52-week high of $53.27, with shares recently trading around $53.25. The stock is up from its 50-day and 200-day moving averages, while its consensus analyst rating remains “Hold” with a $54 price target.
• The bank reported a strong quarter, posting EPS of $1.39 versus the $1.17 consensus estimate and revenue of $190.32 million, above expectations. Analysts project full-year EPS of approximately $5.05.
• OFG declared a quarterly dividend of $0.35, equating to an annualized $1.40 dividend and a 2.6% yield. Institutional investors own 92.73% of the company’s shares.

OFG Bancorp (NYSE:OFG - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $53.27 and last traded at $53.25, with a volume of 92699 shares changing hands. The stock had previously closed at $52.38.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on OFG shares. Benchmark began coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a "hold" rating on the stock. Truist Financial lifted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Zacks Research downgraded shares of OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a "market perform" rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a research report on Friday, July 10th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $54.00.

OFG Bancorp Trading Up 1.4%

The company has a fifty day simple moving average of $48.11 and a two-hundred day simple moving average of $43.94. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.25 billion, a PE ratio of 10.49 and a beta of 0.70.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.32 million during the quarter, compared to analysts' expectations of $182.64 million. During the same quarter last year, the business posted $1.15 EPS. Analysts anticipate that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.6%. OFG Bancorp's dividend payout ratio (DPR) is 27.56%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OFG. Royal Bank of Canada raised its holdings in shares of OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank's stock valued at $1,221,000 after purchasing an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after purchasing an additional 552 shares in the last quarter. Quantbot Technologies LP purchased a new position in OFG Bancorp in the second quarter valued at $162,000. Arrowstreet Capital Limited Partnership increased its holdings in OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank's stock valued at $3,500,000 after buying an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after buying an additional 1,095 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.

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